A complete guide to procedure of land registration
Land registration is the most important parts of purchasing any property. Without registry your land acquisition is not complete and you cannot term yourself as the owner. Here is the procedure of land registration you need to follow in order to ensure no fraudulent activity takes place.
Understanding stamp duty
Stamp duty is a form of tax levied on any transaction by means of which you can create or extinguish any right or liability. Sale deed, gift deed, partition deed, power of attorney and lease deed are some documents on which you need to pay stamp duty. In real estate, stamp duty forms a major component of costs involved in property registration.
Registration of property documents
After the stamp duty is paid the documents are registered under the Indian registration Act. This is done under the jurisdiction of sub-registrar. The basic purpose of registration of documents is to record execution of documents.
Procedure of land registration
Step 1: Estimate the value of your property according to the circle rates in your area. You can also consult dealers in your area for better knowledge.
Step 2: You need to compare the circle rate with the actual price paid. The higher of the above two values would be paid as Stamp duty.
Step 3: Buy the non-judicial stamp papers of that value arrived after the calculation.
Step 4: The stamp papers can be purchased in person or online. You can buy these papers from licensed stamp vendors, whereas e-stamps can be purchased online. The stamp duty can be paid through the collector of stamps or proof needs to be submitted, if already paid.
Step 5:The next step is preparation of deed, which is typed on stamp paper. The subject written in the paper varies according to the nature of transaction, which could be sale, lease, mortgageand power of attorney.
Step 6:Now, after the preparation of deed, you along with the transacting party need to approach the Sub-Registrar’s office to get the deed registered, accompanied with two witnesses. Each person must also carry their respective photographs, identification documents, etc.
Step 7: After the sale Deed gets registered, you get a receipt, and after two- seven days, you can approach the Sub-Registrar’s office to collect the sale deed.
Step8: The last step is obtaining the original sale deed registered, you can also get the same verified by using the registry details and date from the Registrar’s office.
Follow these steps and get your property registered safely!